--Bond fund Pimco has recorded a 17% paper profit on its portion of 3 billion pounds ($3.86 billion) loan package to utility provider Thames Water, the Financial Times reports, citing U.S. Securities and Exchange Commission filings.
--Pimco and U.S. hedge funds Elliott Management and Silver Point are part of the consortium providing the loan, which has a 9.75% interest rate plus other fees, the FT says.
--The loan is yet to be approved and is being challenged by the utility's junior creditors and a U.K. member of parliament, but bond investors have already begun trading the debt on the basis that it gets approved, the FT reports.
--Pimco declined to comment, the FT says.
Full story: https://shorturl.at/SoIZh
Write to Adam Whittaker at adam.whittaker@wsj.com
(END) Dow Jones Newswires
March 11, 2025 05:47 ET (09:47 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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